The utility from a specific product is
A)determined by a consumer's income.
B)determined by the price of the product.
C)a measure of one's preference or taste for it.
D)constant as one consumes more units of it.

Question

Quizplus · Accepted Answer

Utility from a specific product is a measure of one's preference or taste for it, reflecting the satisfaction or benefit derived from consumption. It is subjective and varies among individuals based on their personal preferences, rather than being directly determined by income, price, or remaining constant with increased consumption.

The Utility from a Specific Product Is